New Delhi, Dec. 17 -- Redpoint Investments, an affiliate of private-equity giant KKR, will sell its stake in financial services firm Avendus Capital, to Mizuho Securities Co, Avendus said in a press note.
Mizuho Securities is a unit of the Mizuho Financial group. Mizuho Financial group also owns Mizuho Bank.
Avendus' co-founder and executive vice chairman, Ranu Vohra, will also be divesting his shareholding and will continue in his current role until deal completion.
Mizuho Securities will buy 61.6-78.3% of Avendus shares and make the firm a consolidated subsidiary. Mizuho will acquire the stake in the Mumbai-headquartered investment bank for up to 81 billion yen ($523 million).
Avendus said it will continue to be led by founders Gaurav Deepak and Kaushal Aggarwal, along with the firm's experienced leadership team, ensuring continuity of vision and strategic direction as the firm enters its next phase of growth. The firm will retain its brand and identity, while gaining strategic access to Mizuho's scale, institutional network, and global reach.
"Together, Avendus and Mizuho will deliver broader capabilities, sharper execution, and a stronger value proposition for our clients," Aggarwal, who is the co-founder of Avendus group, said.
"With India entering a transformative economic phase, we see immense potential to scale with purpose, innovate across sectors, and build a platform that consistently delivers impact, in India and beyond," he added.
Established in 1999, Avendus provides financial solutions to its clients spanning entrepreneurs, capital providers, family offices and corporates. Avendus provides investment banking, wealth management, institutional equities, specialised asset management, and credit solutions.
On the other hand, Mizuho offers comprehensive financial services to clients. It operates 828 offices across 33 countries in the Americas, Europe, Middle East, Africa, and Asia. Mizuho's total assets is at around $2 trillion.
"Welcoming them (Avendus) as a strategic partner for our M&A platform in APAC, the Americas, and EMEA will enable us to better support our clients with diversified, advanced solutions that make the most of our global client base and finance capabilities," Yoshiro Hamamoto, president and chief executive officer, Mizuho Securities said.
Published by HT Digital Content Services with permission from VC Circle.